Episode 271 - 5 Pitfalls to Avoid When You are Building Your Practice to Sell It

Recap

Whether you are 3 years or 33 years away from selling your chiropractic practice / business, this is truly an Oak Tree Conversation…When is the best time to plant an oak tree? 50 years ago. When is the next best time? Today!

Listen in as Exit Experts Dr. Stephen Franson and Exit DNA author Mac Lackey walk you through the 5 Steps of the Remarkable Exit Process, highlighting the best practices to execute – and the common pitfalls to avoid along the way.

“Businesses are not bought – they are SOLD.” Listen in on this conversation and set yourself up for a business that will not only give you a great return “one day” – but will start to pay you handsomely MONDAY! You will never regret owning a chiropractic business that you built to sell!

Episode Highlights

00:46 – Introduction of Mac Lackey and his expertise, highlighting his journey and mistakes towards optimizing the business exit process

03:19 – The importance of creating strategic value in a business, not just relying on traditional financial multiples, and how this approach can help achieve high-value exits.

04:25 – The concept of building a business that is ready to sell, with practical and tactical tips on optimizing operations, systems, and processes to increase value.

12:06 – The necessity of a proactive approach to selling a business, highlighting that businesses are sold, not just bought, and outlining steps owners can take to attract the right buyers.

17:13 – How both the owner and the business need to be prepared for the sale, focusing on emotional readiness, operational systems, and financial organization.

23:32 – Implementing specific actions over time to drive up business value, likening the process to enhancing a home’s value before putting it on the market.

29:17 – Different sale routes, including internal sales to existing team members and external sales to new buyers or corporate entities, and how to attract the best deals.

34:48 – Reducing risks during the due diligence phase, such as ensuring accurate financial records and legal agreements, to build trust and secure the deal.

42:01 – Managing the personal and professional transition post-sale, with tips on planning for the next stage of life or career to ensure a smooth shift.

45:07 – Continuously enhancing the appeal of the business by reducing dependency on the founder and integrating exit-thinking into everyday operations.

49:45 – Dr. Adrian welcomes Success Partner Susanne Temperley from Investorus to discuss practical financial strategies for individuals and businesses. Susanne shares insights from her extensive background in finance, emphasizing the importance of personalized financial planning that aligns with individual goals and values. Discover how her and her team provide comprehensive services, from budgeting and investment advice to mortgage broking and financial planning, all aimed at empowering clients to achieve financial freedom and success.